First trading, now saving: BSAVE attracts $400,000 in seed funding to develop Bitcoin savings platform in London

Bitcoin technology and innovative methods of positioning as a mainstream alternative to fiat currency is not just the preserve of New York’s highly sophisticated electronic financial services ecosystem.

Following very closely in the footsteps of New York-based success stories such as Coinsetter, and California’s technology VC funds placing record investments into the hands of Bitcoin startups is London, with its newly revitalized appetite for fintech spurred on by Chancellor of the Exchequer George Osborne’s will to make Britain a center of innovation for the financial sector.

If New York is the center of Bitcoin trading with its established exchanges, London is placing Bitcoin as an alternative to traditional retail banking.

On this basis, BSAVE, a startup which aims to develop a new platform that allows users to profit directly from their Bitcoin stash has attracted a $400,000 seed investment so that the platform can commence its development stage.

That represents a significant investment, showing that there is a great deal of confidence from seasoned venture capital funds in backing virtual currency enterprises.

Some months ago, North American Bitcoin technology startup raised a record $116 million in seed funding, representing a milestone and attracting the attention of the big investors.

BSAVE’s rationale is to use the seed funding to develop what it considers to be the next generation in Bitcoin savings.

“Money and banking are certainly moving toward this digital hunt and financial services face a digital and human imperative to become more efficient. Bitcoin and digital crypto-currencies may be best suited to disrupt finance and become a global platform for storing and exchanging value. BSAVE aims to unlock this potential by introducing a paradigm shift for online savings. – Jonathan Azeroual, co-founder & CEO, BSAVE.

As far as functionality is concerned, the BSAVE platform will produce daily variable interest rate payments which will be calculated via a mathematical algorithm which takes into account the size of the account balance and the time which the funds have spent in the savings account.

Within the first minute of transferring Bitcoin to a BSAVE account, users will begin accruing interest on their savings. The idea is that after a 24 hour period, BSAVE will be able to offer users the ability to credit daily accrued interest to their Coinbase wallet, with the full amount of Bitcoins being readily withdrawable with no penalties at all times.

Peer to peer lending and trading have become relatively popular in a very short space of time – now the path is being paved toward peer-to-peer saving.